State of Louisiana Restore LA Program managed by the OCD-DRU says it will not pay interest on SBA loans.
FAQ#: 181 published 12-15-2019
HUD Guidance 2019: "When the grantee reimburses homeowners, businesses, or other entities for these costs, the grantee may also pay any outstanding interest due on the portion of the principal of subsidized loans used to pay the costs eligible for reimbursement."
HUD FR-6169-N-02 Update:
"Waiver to permit payment of limited interest costs. Section 105(a) is waived to the extent it limits activities to only those activities listed in section 105(a)(1) - (26), and HUD is imposing the following alternative requirement to create a new eligible activity to allow the use of CDBG-DR to pay interest due on subsidized loans in limited circumstances described in this paragraph. Homeowners, businesses, and other entities that received subsidized loans to pay the costs of eligible rehabilitation, demolition, and reconstruction of single family, multifamily, and nonresidential buildings (including commercial properties) are eligible for reimbursement, subject to the requirements of the 2019 DOB Notice, the Prior Notices, and CPD Notice 2015-07 (as may be amended or replaced from time to time). When the grantee reimburses homeowners, businesses, or other entities for these costs, the grantee may also pay any outstanding interest due on the portion of the principal of subsidized loans used to pay the costs eligible for reimbursement. CDBG-DR funds cannot be used to pay fees or the portion of interest attributable to activities that are ineligible for reimbursement."
HUD FR Notice: "Grantees are prohibited from reimbursing costs that are not otherwise eligible for CDBG-DR assistance, such as compensation for personal property loss or late fees. Payment of interest is not generally an eligible activity, but if permitted by an applicable Federal Register notice granting a waiver, grantees may pay interest due at the time of reimbursement for eligible activities (e.g., interest incurred by the applicant for the portion of an SBA loan used for a CDBG-DR eligible activity)."
FR-6169-N-02 Applicability of Updates to Duplication of Benefits Requirements Under the Stafford Act for Community Development Block Grant (CDBG) Disaster Recovery Grantees
How to use our Research Based Learning pages to better understand a subject, to collect the missing pieces of the puzzle, to start a research project or to close out your research project. Resources published here are parts or segments of..
FAQ#: 1 published 12-30-2018 updated 12-12-2020 1 min. 55 seconds read
If you need a quote for a new manufactured home for the Louisiana Restore program send a note with your old VIN number and your status in the program. All we can do is help you get the quotes for the MHU you are looking to replace. Contact me
SBA Updates data processed from research between 11-2019 and 12-2019
FAQ#: 183 published 1-18-2020 3 min. 25 seconds read
I am asked often if I would do carpentry work in my area. I'm getting too slow to actually handle most of the jobs I'm asked to do. I'd like to handoff the work to a carpenter that's better than me. I'm always looking for a good carpenter helper for projects I take on. Contact me and get listed and working.
Questions for Congressman Graves Live Facebook event 12-5-2019
FAQ#: 179 published 12-5-2019 4 min. 24 seconds read
When you are navigating the federal disaster assistance agencies your first stop should be to the TruckAndTools.Com Disaster Resources. Every disaster agency uses the same process but not every disaster agency follows strict policy and guidance. Don't go into your disaster recovery with blind trust of your federal and state agencies that are leading the push to get you sheltered and out of the program.